Bloomberg says college costs aren't really increasing

[salvorhardin]

The inflation-adjusted net price of college has risen only modestly over the last two decades, according to data from the College Board's Annual Survey of Colleges. ... At four-year public universities, the average sticker price for tuition and fees has risen 127 percent in real terms, from $3,810 in 1992 to $8,660 in this academic year. But only $990 of this $4,850 increase in sticker price, or 20 percent, is due to increases in net cost. The remaining 80 percent is price discrimination. ... In other words, the cost burden of college has become significantly more progressive since the 1990s. Students from wealthier families not only now pay more for their own educations but also have come to heavily subsidize the costs of the less fortunate.

From: http://www.bloomberg.com/news/2012-11-27/misconceptions-101-why-college-costs-aren-t-soaring.html

If real inflation-adjusted net tuitions and fees aren't increasing, or increasing only modestly, and the same is true for room and board, then why is student debt load so high?